TON Blockchain has recently entered into strategic partnerships with Injective and Pyth Network, supporting Telegram’s vision for an open finance ecosystem. These collaborations are set to enhance the user experience in the decentralized finance (DeFi) sector, introducing innovative functionalities. The integration allows Injective protocol’s INJ token to be utilized within the TON ecosystem.
What Did the Integration Bring?
The integration with Injective enables TON to be used in Injective’s decentralized applications (dApps), providing users with new capabilities such as trading, asset tokenization, and on-chain borrowing. This significant enhancement opens up a world of possibilities within the TON network.
Additionally, collaboration with Pyth Network brings the PYTH oracle service into the TON Blockchain. Known for delivering high-quality, real-time data streams for decentralized applications and smart contracts, Pyth Network’s inclusion ensures developers have access to dependable and precise price data for DeFi projects.
A New Era in Blockchain Ecosystem
Initially developed for the Solana Blockchain, Pyth Network now supports over 70 blockchains, including Ethereum, Optimism, Arbitrum, Base, and now TON. This expansive reach will help TON Blockchain attract new Web3 users and broaden its ecosystem.
The amalgamation of Injective and Pyth Networks with TON Blockchain is expected to boost liquidity and fortify security in DeFi operations. Users will benefit from a wider array of financial products, reliable market data, and more efficient trading experiences.
Concrete Benefits of the Partnerships
- TON Blockchain’s collaboration with Injective and Pyth Network enhances DeFi functionalities.
- Integration enables advanced features like trading and asset tokenization within TON.
- Pyth Network’s reliable data streams improve the efficiency of decentralized applications on TON.
- Expanding to over 70 blockchains, Pyth Network brings new Web3 users to TON.
TON Blockchain’s TVL Surge
As of 2024, TON Blockchain’s total value locked (TVL) has surged by an impressive 4226%. This growth highlights a rising interest and investment in the platform. During this period, investment firms, including Pantera Capital, have also channeled funds into TON, bolstering the ecosystem’s expansion.
In April, USDT issuer Tether partnered with TON, aiming to provide financial solutions to unbanked populations and create a cross-border financial system utilizing decentralized technology.